The Real Deal

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Re-evaluating the South Bronx

Allison Jaffe of Key Real Estate Services in front of 370 Gerard Avenue, where a deal recently fell through.

From the February issue: Redevelopment in Melrose Commons, the Lower Grand Concourse and the Bronx Civic Center -- three adjacent areas of the South Bronx that the Bloomberg administration is looking to rezone -- has taken a turn for the worse in the last few months. While other parts of the South Bronx have seen small-scale investors pull out, these neighborhoods are seeing something slightly different because of both the souring economy and the growing uncertainty about the rezoning there. In Melrose Commons, plans for mixed-income condos have been shelved, while in a 30-block area of the Lower Grand Concourse, which is slated to be rezoned as a mixed-use area that would include residential housing, speculators are losing their appetite for investing in warehouse properties. more